Why research is so important
In the early 1990s when I started my own consulting business, I conducted my own little research survey. I wrote on a piece of paper a 100 word description of what my consulting practice would look like that included
- The target audience for the practice?
- What these buyers wanted from a consultant?
- How my practice would be different from others?
Then, I set up coffee appointments with 20 business leaders, and put this written description in front of them. After asking for their feedback, I sat back and listened.
Their advice was invaluable. I learned that my positioning, focusing on growing companies without an in-house marketing department, was on target (it remains my positioning today). I also learned that clients like these were less interested in hearing about my Fortune 500 work experience and more interested in knowing how I would help organizations their size. Because of this research, I believe my company’s marketing ended up being more focused and targeted.
Research can also perfect products
A short while ago, I worked with a major company that was launching a brand new zero-turn radius riding mower. New to this market, the company and I wanted to perfect the product’s design before launching so we organized a series of consumer focus groups. Up to this point, I had been working with the internal design team to develop a product prototype. We were supremely confident that we had designed the right product for the market, and saw the research as a mere rubber stamp for the design. However, when we showed the prototype to the focus group participants, we were shocked by their reaction. Almost every single participant didn’t care for the front end design. “Flimsy” and “breakable” were two words that we heard often, and words that clearly didn’t support the brand’s positioning.
During the next week, we scrambled to redesign the front end and hastily organized a series of one-on-one research interviews with these same participants to get feedback on the new design. In the end, they loved it and, as of this writing, the product has been launched successfully and has contributed significant, incremental revenue to the company. But I shudder to think what might have happened if we had launched the product in its original design, without this research. I’m convinced the product would have bombed, costing the company millions of dollars and tarnishing its reputation.
Research can deepen relationships
Whatever the size of your company, you’ll find that research strengthens the bonds between your company and its buyers. The bottom line is: people like it when you ask for their opinion. Not only will they feel they are contributing to your company’s success, but you’ll learn more about their perceptions of:
- Your company identity
- Your competitors
- New markets and products for your company
